A tariff is a tax on
A) savings.
B) capital goods.
C) imports.
D) land.
C
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Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart, and together they are the only two gas stations in town. Currently, they both charge $3 per gallon, and each earns a profit of $1,000. If Joe cuts his price to $2.90 and Sam continues to charge $3, then Joe's profit will be $1,350, and Sam's profit will be $500. Similarly, if Sam cuts his price to $2.90 and Joe continues to charge $3, then Sam's profit will be $1,350, and Joe's profit will be $500. If Sam and Joe both cut their price to $2.90, then they will each earn a profit of $900.For Sam, cutting his price to $2.90 per gallon is a:
A. revenue-maximizing strategy. B. profit-maximizing strategy. C. dominant strategy. D. dominated strategy.
In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, planned investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. Autonomous expenditure equals:
A. 990. B. 890. C. 900. D. 940.
What would in happen in a given market if transaction costs for the product traded were reduced? Generally, what is the impact of transaction costs on market operations?
What will be an ideal response?
What is the trade-off that consumers face when buying the product of a monopolistically competitive firm?
A) Consumers pay higher prices but receive better quality goods compared to the output of perfectly competitive firms. B) Consumers pay a price greater than marginal cost, but have the luxury of choices more suited to their tastes. C) Consumers pay higher prices but the products are produced by highly efficient firms. D) Consumers pay lower prices but have fewer choices.